I hope everyone had a great time with their loved ones during the holidays. Now that we have started a new year, it is time to take a look at how the 4th Quarter 2014 Lake Havasu home sales turned out. Here’s a hint: if you sold your Lake Havasu home between October 1, 2014 and December 31, 2014, you were probably quite happy with the result.
The total for the 4th Quarter 2014 Lake Havasu home sales was up 12.79% from the same time last year. However, total sales overall for the year ended down 10.31% (from 1765 in 2013 to 1583 in 2014). Here’s the part where Lake Havasu Home Sellers will be happy. The median sale price increased from $185,000 in the 4th Quarter of 2013 to $208,907 during the 4th Quarter of 2014. The average sale price also increased 13.77%, from $209,042 in 2013 to $237,848 in 2014.
Rentals are on the rise. There were 32 new listings during the 4th Quarter of 2014, which was 18.5% higher than the same time the previous year. Multi-family home sales almost doubled, with eight sold in the last quarter of 2013 and 15 sold in the last quarter of 2014. Investors took advantage of low interest rates and a rising demand in the rental market to swoop in and buy rental properties.
Currently, the Lake Havasu real estate market has a 7.4 month supply of inventory on hand. This indicates a pretty balanced market. Sellers are getting more money for their homes but total sales are down. Sellers are still very willing to negotiate with Buyers. Experts are predicting that interest rates may reach between 4.5% to 5% by the end of 2015. When you are ready to sell your current Havasu home or wish to start looking for a new one, contact me.
Featured Lake Havasu City Home
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Originally posted on my Lake Havasu real estate blog here: http://homesforsaleinhavasu.com/2015/01/4th-quarter-2014-lake-havasu-home-sales/.